ACCOUNTING UNIT 1
Course outline and timeline for
Accounting Unit 3 for 2014
Week
Area of study/key knowledge
Assessment
Relevant accounting principles, qualitative characteristics, accounting
elements.
Area of Study 1:
‘Recording financial
data’
Term 1
Week 1
29-31 Jan.
INTRODUCTION
Week 2
3-7 Feb
BALANCE SHEET
Ref: Ch 1 Box
Accounting Elements, 2-Fold effect, Balance Sheet, Accounting Principles
and Qualitative Characteristics, Historical cost v Agreed Value
Ref: Ch 2 Box
Week 3
10-14 Feb
GST/SOURCE
DOCUMENTS
Week 4
17–21 Feb
STOCK
Source documents, GST Clearing, Reliability
Ref: Ch 3 Box
FIFO, Perpetual method, Stock Cards, Stock Loss/Gain, Theory, Stock
Control Account
Ref: Ch 9 Box
Week 5
24–28 Feb.
RECORDING
TRANSACTIONS
Special journals, Post journals to ledger, Foot and balance ledger, Trial
balance, Subsidiary Ledger, Theory
Ref: Ch 5 Box
Outcome 1.1
assessment task:
Folio of exercises –
Documents
(7 marks)
Outcome 1.2
assessment task:
Folio of exercises –
Stock
(23 marks)
Week 6
3-7 Mar.
RECORDING
TRANSACTIONS
Ref: Ch 6 Box
Week 7
10-14 Mar.
RECORDING
TRANSACTIONS
Ref: Ch 8 Box
Week 8
Recording Transactions – establishing double entry,
© VCTA
Published October 2013
page 1
ACCOUNTING UNIT 1
Week
Area of study/key knowledge
17-21 Mar.
GENERAL
JOURNAL
contributing/withdrawing assets other than cash by the owner, donations
of stock, bad debts, correcting entries
Week 9
24-28 Mar
Assessment
Ref: Ch 7 Box
Revision of recording, Finishing off Outcome 1
Outcome 1.3
assessment task:
Folio of exercises –
General Journal
(22 marks)
Outcome 1.4
assessment task:
Folio of exercises –
Recording
transactions
(48 marks)
Week 10
31 Mar – 4 Apr.
CLOSING THE
GENERAL
LEDGER
P/L Summary account, closing a ledger account, closing entries, transfer
entries
Ref: Ch 10 Box
5–21 Apr.
Mid-semester break
Term 2
The income statement, preparing an income statement, The line between
profit and the balance sheet, evaluating a net profit figure, costs of goods
sold and gross profit, reporting discounts.
Ref: Ch 11 Box
Week 11
22–24 Apr.
INCOME
STATEMENTS
Week 12
28 Apr. –
2 May
DEPRECIATION
Week 13
5–9 May
BALANCE DAY
ADJUSTMENTS
Area of Study 2
Balance Day
Adjustments and
reporting and
interpreting
accounting
information
The meaning of depreciation, the meaning of cost, straight-line
depreciation, adjusting entry for depreciation, depreciation and the
balance sheet, depreciation and the income statement.
Ref: Ch 13 Box
Profit determination, accrual accounting, prepaid expenses, accrued
expenses, stock losses and gains
Ref: Ch 14 Box
Outcome 2.1
assessment task:
Structured questions
- The Balance Sheet
and Depreciation
(25 marks)
Week 14
Outcome 2.2
assessment task:
Structured questions
12–16 May
© VCTA
Published October 2013
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ACCOUNTING UNIT 1
Week
Area of study/key knowledge
Assessment
- Accrued expenses
and Prepaid
expenses
(25 marks)
Week 15
19–23 May
CASH FLOW
STATEMENTS
Week 16
Role of the cash flow statement, classification of cash flows, concept of
cash, format of the cash flow statement, preparing a cash flow statement,
cash flows and decision-making
Ref: Ch 12 Box
Finishing off cash flow statements
26–30 May
Outcome 2.3
assessment task:
Structured questions
- Cash flow
statement, Balance
Day Adjustments and
the Income
Statement, Balance
Sheet extract
(50 marks)
Week 17
Revision Unit 3
2–6 June
Week 18
GAT
10–13 June
Week 19
Begin Unit 4
16–20 June
Week 20
Unit 4 continued
23–27 June
© VCTA
Published October 2013
page 3